Buy/Sell order type

  1. Enhanced Limit order
    • Continuous Trading Session ("CTS"), an Enhanced Limit order will allow matching of up to ten price queues at a time. The ask order price can be entered at nine spreads lower than the current bid price, or the bid order price can be entered at nine spreads higher than the current ask price. Any unfilled quantity after matching will be stored in the System as a normal limit order at the input order price.
    • Closing Auction Session ("CAS"), all outstanding orders from CTS, including short selling or market making orders, outstanding at the end of the preceding CTS will be automatically carried forward to the CAS and treated as At-Auction Limit orders except those orders with price outside the permissible price limit (±5% from the Reference Price) will be cancelled (i.e. buy orders with prices higher than the upper price limit and sell orders with prices lower than the lower limit) .
    • The input of Enhanced Limit orders will be rejected during the CAS.
  2. At-Auction order
    • Pre-Opening Session, an At-Auction order is an order with no specified price and is entered into the trading system for execution at the final IEP. Any unfilled At-Auction orders at Pre-Opening Session will be cancelled before the commencement of the Continuous Trading Session ("CTS"). The order input period for At-Auction orders are 9:00 to 9:20 for Pre-opening morning session. Any At-Auction order entered during the period from 9:20 to 9:30 will be subject to rejection.
    • Closing Auction Session ("CAS"), an At-Auction order at CAS is an order with no specified price but the price should be within the permissible price limit. The price Limit is set at ±5% from the CAS reference price published by HKEX. The At-Auction order is entered into the trading system for execution at the final IEP. Any unfilled closing At-Auction order will be fully cancelled after the end of the CAS. The order input period for At-Auction orders for CAS is 16:01 to 16:10 and orders entered from 16:06 onwards cannot be cancelled. Random closing price will be generated anytime between 16:08 and 16:10.
    • Any At-Auction order entered during the CTS from 9:30 to 16:00 will be subject to rejection.
  3. At-Auction Limit order
    • Pre-Opening Session, an At-Auction Limit order at Pre-Opening Session is an order with a specified price within the permissible price limit. An At-Auction Limit order with a specific price or more competitive than the final IEP (in case of buying, the specific price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than IEP may be matched at the final IEP. )Any unfilled pre-opening At-Auction Limit orders will be converted into limit orders and carried forward to the Continuous Trading Session ("CTS") provided that the specified price of that At-Auction Limit order does not deviate 9 times or more from the nominal price. The order input period for At-Auction Limit orders is 9:00 to 9:15.
    • Any At-Auction Limit order entered during the period from 9:15 to 9:30 will be subject to rejection.
    • Closing Auction Session ("CAS"), an At-Auction Limit order at CAS is an order with a specified price but the price should be within the permissible price limit. The price Limit is set at ±5% from the CAS reference price published by HKEX. An At-Auction Limit order with a specific price or more competitive than the final IEP at closing auction session (in case of buying, the specific price is equal to or higher than the final IEP, or in case of selling, the specified price is equal to or lower than the final IEP) may be matched at the final IEP. Any unfilled At-Auction Limit orders at closing auction will be fully cancelled. The order input period for At-Auction Limit orders at CAS is 16:01 to 16:10 and orders entered from 16:06 onwards cannot be cancelled.
    • Any At-Auction Limit order entered during the CTS from 9:30 to 16:00 will be subject to rejection.

These order types are applied to those Internet Trading Channels offered by CITIC Securities Brokerage (HK) Limited.